CGU's underlying performance improved during the year, driven by better underwriting discipline and efficiency improvements that are being implemented as part of the Goal2013 strategy initiated 12 months ago. While this is certainly encouraging, challenging economic and market conditions affected our headline result, and we acknowledge there is still significant work to be done.

A major component of the strategy recognises the importance of our intermediaries and business partners in delivering a sustainable business. During the year we realigned our business model around end customers and introduced some key customer initiatives to more clearly differentiate CGU's offering. For the first time in a number of years, we invested in our brand, running a national advertising campaign to raise the awareness of our products and services and drive new business. We also introduced a range of new products to meet customer needs, including the entry level Fundamentals Home Insurance policy, CGU Padlock for commercial investment property owners, and the Pinnacle Corporate directors' and officers' policy.

To achieve our goal of sustainable profit growth we have begun to move away from, or re-price, unprofitable portfolios and risks. As we implemented targeted rate increases over the period, new business has been more difficult to win. However, achieving our profit targets requires a disciplined approach to pricing. Growth for growth's sake in the long term is not sensible in any trading environment, let alone the challenging market conditions we currently operate in. We believe the responsible thing to do is to put profit first and growth second, so we are pleased that despite the rate increases, retention rates for the year were in line with historical levels.

The progress made over the past year is creating the foundation for a successful business. The ongoing dedication of our people and support of our intermediaries and business partners have been invaluable in this past year particularly, and I would like to thank them. Steady improvement in underlying performance is expected during the 2010 financial year. We will continue to focus on our core competencies of underwriting, claims and account management and look for every opportunity to drive improved business performance both for us and our customers.